IT, pharma and healthcare shares declined, while media and metal stocks advanced.
As per provisional closing data, the barometer index, the S&P BSE Sensex dropped 466.26 points or 0.56% to 82,159.97. The Nifty 50 index lost 124.70 points or 0.49% to 25,202.35. In two consecutive trading sessions, the Sensex slumped 1.02% and the Nifty declined 0.87%.
The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index fell 0.78% and the S&P BSE Small-Cap index slipped 0.71%.
The market breadth was negative. On the BSE, 1,789 shares rose and 2,497 shares fell. A total of 176 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, jumped 5.91% to 10.56.
Trumps H1B Visa
The Trump administration has issued a key clarification regarding its new visa policy, confirming that the controversial $100,000 H-1B visa fee will be a one-time charge applicable only to new applicants. The policy, which came into effect at midnight on Sunday, 21 September 2025, does not impact petitions filed before this date'offering limited relief to the rattled tech industry.
Despite the clarification, the sudden announcement triggered widespread panic among Indian professionals in the U.S. on H-1B visas. Confusion and uncertainty gripped many, with some canceling last-minute travel plans and others already in India scrambling to return. Immigration attorneys and companies quickly raised red flags, especially for H-1B holders and their families currently outside the U.S. for work or vacation. American lawmakers also criticized the move, calling it 'reckless' and potentially damaging to the country's tech-driven economy.
IPO Updates:
The initial public offer (IPO) of Ganesh Consumer Products received bids for 8,27,172 shares as against 89,12,228 shares on offer, according to stock exchange data at 15:15 IST on Monday (22 September 2025). The issue was subscribed 0.09 times.
The issue opened for bidding on Monday (22 September 2025) and it will close on Wednesday (24 September 2025). The price band of the IPO is fixed between Rs 306 and 322 per share. An investor can bid for a minimum of 46 equity shares and in multiples thereof.
The initial public offer (IPO) of Atlanta Electricals received bids for 52,53,253 shares as against 65,38,439 shares on offer, according to stock exchange data at 15:15 IST on Monday (22 September 2025). The issue was subscribed 0.80 times.
The issue opened for bidding on Monday (22 September 2025) and it will close on Wednesday (24 September 2025). The price band of the IPO is fixed between Rs 718 and 754 per share. An investor can bid for a minimum of 19 equity shares and in multiples thereof.
The initial public offer (IPO) of GK Energy received bids for 12,40,81,034 shares as against 2,21,80,828 shares on offer, according to stock exchange data at 15:15 IST on Monday (22 September 2025). The issue was subscribed 5.59 times.
The issue opened for bidding on Friday (19 September 2025) and it will close on Tuesday (23 September 2025). The price band of the IPO is fixed between Rs 145 and 153 per share. An investor can bid for a minimum of 98 equity shares and in multiples thereof.
The initial public offer (IPO) of Saatvik Green Energy received bids for 1,44,38,784 shares as against 1,42,71,970 shares on offer, according to stock exchange data at 15:15 IST on Monday (22 September 2025). The issue was subscribed 1.01 times.
The issue opened for bidding on Friday (19 September 2025) and it will close on Tuesday (23 September 2025). The price band of the IPO is fixed between Rs 442 and 465 per share. An investor can bid for a minimum of 44 equity shares and in multiples thereof.
The initial public offer (IPO) of Ivalue Infosolutions received bids for 1,97,45,850 shares as against 1,31,17,272 shares on offer, according to stock exchange data at 15:15 IST on Monday (22 September 2025). The issue was subscribed 1.51 times.
The issue opened for bidding on Thursday (18 September 2025) and it will close on Monday (22 September 2025). The price band of the IPO is fixed between Rs 284 and 299 per share. An investor can bid for a minimum of 50 equity shares and in multiples thereof.
Buzzing Index:
The Nifty IT index dropped 2.95% to 35,500.15. The index fell 3.40% in two consecutive trading sessions.
IT stocks fell sharply on Monday after U.S. President Donald Trump signed an executive order imposing a hefty one-time fee of $100,000 on new H-1B visa applications.
Mphasis (down 4.76%), LTIMindtree (down 4.61%), Persistent Systems (down 4.34%), Coforge (down 4.33%), Tech Mahindra (down 3.31%), Tata Consultancy Services (down 3.04%), Infosys (down 2.58%), Wipro (down 2.15%) and HCL Technologies (down 1.90%) declined.
Stocks in Spotlight:
Larsen & Toubro (L&T) shed 0.77%. The company said that its Renewables (RENU) vertical has signed a memorandum of understanding (MoU) with ACWA Power for the Renewables & Grid scope of the pioneering Yanbu Green Ammonia Project in the Kingdom of Saudi Arabia.
Hexaware Technologies declined 6.70%. The company stated that, based on its current assessment, the recent fee hikes announced by U.S. authorities for new visa petitions are expected to have an immaterial impact on the company. The company further said that it has been reducing its dependency on H-1B filings in the last few years. As a matter of fact, the company has not made any fresh applications under the H-1B cap in April 2025.
Rajesh Exports dropped 4.75% after the company reported a consolidated net loss of Rs 9.53 crore in Q1 FY26 compared with net profit of Rs 11.86 crore in Q1 FY25. Revenue from operations surged 117.9% to Rs 1,31,541.80 crore in Q1 FY26 as compared with Rs 60,355 crore in Q1 FY25.
Likhami Consulting hit a lower circuit of 2% after the company announced that Babu Lal Jain has resigned from his position as managing director and chief executive officer, effective at the close of business on 30 September 2025.
PTC Industries advanced 1.71% after the company's wholly owned subsidiary, Aerolloy Technologies, announced the commissioning of a Vacuum Arc Remelting (VAR) 400 furnace. The facility is located at the Aerospace Precision Castings Plant in the Strategic Materials Technology Complex (SMTC) within the UP Defence Industrial Corridor in Lucknow.
Rossell Techsys gained 5.72% after the company has signed a long-term Indefinite Delivery, Indefinite Quantity (IDIQ) contract with Boeing for manufacturing electrical panel assemblies for the T-7A Red Hawk. Under the agreement, the company can produce up to 1,200 shipsets through 2033. The T-7A Red Hawk is Boeing's fully digitally designed, built and tested training aircraft.
Mayur Uniquoters shed 0.61%. The company said that its board has approved the reappointment of Suresh Kumar Poddar as chairman and managing director & CEO for three years, from 1 April 2026 to 31 March 2029.
Sarveshwar Foods rose 1.07% after the company has announced a significant international order worth Rs 329 million from Monarda Commodities, a Singapore-based trading firm.
Netweb Technologies India jumped 7.56% after the company announced that it has secured a purchase order valued at approximately Rs 450 crore for the supply and deployment of its advanced Tyrone AI GPU-accelerated systems.
NBCC (India) rallied 3.75% after the company has secured multiple work orders worth approximately Rs 117 crore from the Housing and Urban Development Corporation (HUDCO).
RailTel Corporation of India slipped 1.71%. The company has received a work order valued at Rs 18.06 crore from Dredging Corporation of India (DCI) for the provision of seamless offshore internet connectivity for DCI vessels & the integrated command & control centre (ICCC).
Crompton Greaves Consumer Electricals declined 1.66%. The company has bagged a Rs 4.28 crore order from Madhya Pradesh Urja Vikas Nigam (MPUVNL) for the installation of 196 off-grid DC and AC solar water pumping systems.
Global Markets:
European shares declined on Monday, as investors are awaited for euro zone consumer confidence data.
Asian market ended mixed, with Indian IT sector stocks declining due to the Trump administration's clarification that the $100,000 H-1B visa fee would apply only to new applicants. Existing petitions remain unaffected; however, the move is still viewed as a setback for a sector heavily reliant on Indian and Chinese talent.
China's Central Bank kept the loan prime rates (LPR) unchanged for the fourth month in a row. The decision to stand pat comes after the U.S. Federal Reserve lowered its rates by 25 basis points last week.
The People's Bank of China kept the one-year LPR unchanged at 3.0% while the five-year LPR remained at 3.5%, according to a statement Monday. Meanwhile, President Donald Trump's immigration crackdown, opens new tab on worker visas kept sentiment in check.
US stocks notched fresh highs on Friday amid a record-setting rally as the US and China advanced trade talks and the 'magnificent seven' tech stocks continued to climb.
The Dow Jones Industrial Average rose 0.4% and the S&P 500 jumped nearly 0.5%. The tech-heavy Nasdaq Composite led gains, adding about 0.7%, as Apple stock rallied on optimism over its new iPhones hitting store shelves.
Investors on Friday were focused on details from Trump's conversation with Chinese President Xi Jinping. The US president said in a post on Truth Social following the talks, We made progress on many very important issues including Trade, Fentanyl, the need to bring the War between Russia and Ukraine to an end, and the approval of the TikTok Deal.
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